TL;DR Breakdown |
- Chainlink price analysis is trading with mixed signals on the 24-hour chart
- LINK/USD traded within a tight daily range of $24.92 – $25.92
- LINK/USD has been unable to counter strong bearish forces which are neutralizing any slight bullish uptrend.
Chainlink price analysis is trading with mixed signals on the 24-hour chart after the bulls got held back by strong bears at the $24 resistance. LINK/USD could take any direction from the $24 barrier depending on the olume of buyers/sellers that enter the market. Let’s look at the technicals, shall we?
As per our Chainlink price analysis, LINK/USD has not posted any significant movements in the last 24 hours and still trades within a tight daily range of $22 – $23. The daily trading volume witnessed an 11 percent drop to $717 million while the total market capitalization recorded a 2.2 percent to a sum total of $11.19 billion. Coin Market Cap ranks Chainlink at number #16 among the 20 leading altcoins by market capitalization.
LINK/USD 4-hour chart: LINK starts to rally
On our 4-hour Chainlink price analysis, Chainlink is trading up and down the $25 mark without indicating any positive signs of an uptrend.
Chainlink’s price action did witness a strong price advance in the last few weeks until the bulls touched $30 and underwent a reversal. The length of the rally from a swing low of $13 to the $30 rejection measures approximately 160 percent.
Meanwhile, the pair went ahead to consolidate for some days below the $30 mark and faced a rapid decline during the Weekend. Nonetheless, the coin did find support at $23.50, where buyers prevented the coin from recording further declines.
Overnight, LINK/USD has been unable to counter strong bearish forces which are neutralizing any slight bullish uptrend. Thereby, pausing any price action during press time. We however expect the price of the coin to move lower today and consolidate stronger support for propelling the bulls to the $28 target.
LINK/USD 4-hour chart. Source: TradingView
Polkadot Price Analysis: Conclusion
Chainlink price analysis suggests slight bearish signals in the next 24 hours as the market has been unable to set a higher low. We, therefore, expect the LINK/USD pair to retrace downwards and prepare for a fresh rally to the previous swing high. You can read more articles on Wrapped Bitcoin as you wait for the price of Chainlink to move further.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.